County included in disaster designation
DES MOINES — Henry County was among seven Iowa counties designated as part of a Presidential Major Disaster Designation, according to Iowa State Executive Director for USDA Farm Service Agency, John R Whitaker.
Eligible family farmers with qualifying production and physical losses caused by severe storms, straight-line winds, and flooding from April 17-30, may be eligible for low-interest emergency loans.
The Presidential Major Disaster Designation has been issued for Jefferson County, Iowa as the primary disaster area. Six Iowa counties are contiguous to this designated disaster area, making these producers also potentially eligible for program based on this designation. The contiguous counties, along with Henry, are: Davis, Keokuk, Van Buren, Wapello and Washington.
The Farm Service Agency may make emergency loans to eligible family farmers which will enable them to return to their normal operations if they sustained qualifying losses resulting from natural disaster.
Physical loss loans may be made to eligible farmers to enable them to repair or replace damaged or destroyed physical property, including livestock losses, essential to the success of the farming operation.
Examples of property commonly affected include; essential farm buildings, fixtures to real estate, equipment, livestock, perennial crops, fruit and nut bearing trees and harvested or stored crops. For production loss loans, the disaster yield must be at least 30 percent below the normal production yield of the crop, on a crop or crops that make up a basic part of the total farming operation.
Applicants must be unable to obtain credit from other usual sources to qualify for the Farm Service Agency Farm Loan Program assistance. The interest rate for emergency loans is 2.375%. Each applicant applying for credit will be given equal consideration without regard to race, creed, color, marital status, or national origin.
The repayment for most disaster loans are based on the useful life of the security, the applicant’s repayment ability and the type of loss. If the loan is secured only on crops, it must be repaid when the next crop year’s income is received. Loans to replace fixtures to real estate may be scheduled for repayment for up to 40 years.
The final date for making application under this designation is February 20, 2014.
Interested farmers may contact their local county FSA office for further information on eligibility requirements and application procedures for these and other programs. Information can also be found on-line at www.fsa.usda.gov